V & D: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
V & D
Largest movements
- Current investments -€23,941
down €23,941 (-56.0%), from €42,750 to €18,809
- Tangible fixed assets -€5,883
down €5,883 (-19.2%), from €30,600 to €24,718
of which Leasing and similar rights: -€6,850
- Cash +€4,675
up €4,675 (+8487.6%), from €55 to €4,730
mainly Current investments (+€23,941) and Depreciation (+€7,182)
- Receivables within one year +€2,631
up €2,631 (+8.0%), from €33,076 to €35,707
of which Trade receivables: +€10,954
- Short-term financial debts -€8,641
down €8,641 (-100.0%), from €8,644 to €3
- Debts after one year -€7,212
down €7,212 (-30.4%), from €23,733 to €16,520
- Profit (loss) carried forward -€6,091
down €6,091 (-20.5%), from €29,771 to €23,680
- Current portion of long-term debt -€1,983
down €1,983 (-20.6%), from €9,616 to €7,633
- Staff costs -€8,939
down €8,939 (-17.6%), from €50,666 to €41,726
- Gross operating margin -€8,179
down €8,179 (-14.7%), from €55,650 to €47,471
- Depreciation -€4,720
down €4,720 (-39.7%), from €11,902 to €7,182
- Other operating charges -€2,589
down €2,589 (-60.0%), from €4,316 to €1,728
- Financial income +€1,650
up €1,650 (+169.8%), from €972 to €2,622
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,650 | €84,156 | -€23,495 | -21.8% |
| Fixed assets | 21/28 | €30,600 | €24,793 | -€5,808 | -19.0% |
| Tangible fixed assets | 22/27 | €30,600 | €24,718 | -€5,883 | -19.2% |
| Plant, machinery and equipment | 23 | - | €213 | +€213 | |
| Furniture and vehicles | 24 | - | €754 | +€754 | |
| Leasing and similar rights | 25 | €30,600 | €23,750 | -€6,850 | -22.4% |
| Financial fixed assets | 28 | - | €75 | +€75 | |
| Current assets | 29/58 | €77,050 | €59,363 | -€17,687 | -23.0% |
| Amounts receivable within one year | 40/41 | €33,076 | €35,707 | +€2,631 | +8.0% |
| Trade receivables | 40 | €15,159 | €26,113 | +€10,954 | +72.3% |
| Other amounts receivable | 41 | €17,917 | €9,594 | -€8,323 | -46.5% |
| Current investments | 50/53 | €42,750 | €18,809 | -€23,941 | -56.0% |
| Cash at bank and in hand | 54/58 | €55 | €4,730 | +€4,675 | +8487.6% |
| Deferred charges and accrued income | 490/1 | €1,169 | €117 | -€1,052 | -90.0% |
| Total equity and liabilities | 10/49 | €107,650 | €84,156 | -€23,495 | -21.8% |
| Equity | 10/15 | €41,898 | €35,807 | -€6,091 | -14.5% |
| Contributions | 10/11 | €2,479 | €2,479 | = | 0.0% |
| Reserves | 13 | €9,648 | €9,648 | = | 0.0% |
| Distributable reserves | 133 | €9,648 | €9,648 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,771 | €23,680 | -€6,091 | -20.5% |
| Amounts payable | 17/49 | €65,753 | €48,349 | -€17,404 | -26.5% |
| Amounts payable after more than one year | 17 | €23,733 | €16,520 | -€7,212 | -30.4% |
| Financial debts | 170/4 | €23,733 | €16,520 | -€7,212 | -30.4% |
| Amounts payable within one year | 42/48 | €42,020 | €31,828 | -€10,191 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €9,616 | €7,633 | -€1,983 | -20.6% |
| Financial debts | 43 | €8,644 | €3 | -€8,641 | -100.0% |
| Credit institutions | 430/8 | €8,644 | €3 | -€8,641 | -100.0% |
| Trade debts | 44 | €7,916 | €8,943 | +€1,027 | +13.0% |
| Suppliers | 440/4 | €7,916 | €8,943 | +€1,027 | +13.0% |
| Taxes, remuneration and social security | 45 | €15,844 | €15,249 | -€595 | -3.8% |
| Taxes | 450/3 | €9,561 | €10,937 | +€1,376 | +14.4% |
| Remuneration and social security | 454/9 | €6,283 | €4,312 | -€1,971 | -31.4% |
| Non-recurring operating income | 76A | €17,286 | €12,249 | -€5,037 | -29.1% |
| Remuneration, social security and pensions | 62 | €50,666 | €41,726 | -€8,939 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,902 | €7,182 | -€4,720 | -39.7% |
| Other operating charges | 640/8 | €4,316 | €1,728 | -€2,589 | -60.0% |
| Gross operating margin | 9900 | €55,650 | €47,471 | -€8,179 | -14.7% |
| Operating profit (loss) | 9901 | -€11,234 | -€3,165 | +€8,069 | +71.8% |
| Financial income | 75/76B | €972 | €2,622 | +€1,650 | +169.8% |
| Recurring financial income | 75 | €972 | €2,622 | +€1,650 | +169.8% |
| Financial charges | 65/66B | €4,346 | €5,400 | +€1,054 | +24.3% |
| Recurring financial charges | 65 | €4,346 | €5,400 | +€1,054 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,608 | -€5,943 | +€8,665 | +59.3% |
| Income taxes | 67/77 | €196 | €148 | -€48 | -24.7% |
| Profit (loss) for the period | 9904 | -€14,804 | -€6,091 | +€8,714 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,804 | -€6,091 | +€8,714 | +58.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.